The Impact of Auditing in Controlling Fraud and Other Financial Irregularities
Journal Title: International Journal of Empirical Finance - Year 2015, Vol 4, Issue 3
Abstract
Fraud in the Nigerian Banking Industry before the recent merger, acquisition and recapitalization efforts was at alarming rate. It has caused many banks to collapse, and many investors and depositors funds were trapped in. Infact it has prevented many banks from achieving their goals and many businesses went into liquidation. Honestly speaking it has become a cankerworm that has eating deep into the financial sector of the Nigerian economy. That calls for the need for this study and the purpose of this study therefore is to identify the causes of fraud, measure its impact and identify the means of controlling it. The study is a survey research and questionnaire was used for the collection of primary data. Questionnaires were administered to staff of First Bank of Nigeria PLC. Chi-square was used in analyzing data. The findings show that lack of adequate training, communication gap, and poor leadership skills were the greatest causes of fraud in Nigerian banking industry. It was concluded that adequate internal control system should be put in place and that workers satisfaction and comfort should be taking care of.
Authors and Affiliations
Lawal Babatunde Akeem
Keywords
Related Articles
- EP ID EP27193
- DOI -
- Views 436
- Downloads 11
Equity Risk Premium, Macro-Economic Variables and CoIntegration: Evidence from Nigeria
The paper examines the long-run causal relationship between equity risk premium and a set of macroeconomic variables namely GDP growth rate, inflation, interest rate and financial deepening for a period of 25 years, ra...
2014 FGN Budget of Job Creation And Inclusive Growth – Do The Figures Support The Policy Enunciation?
In this short paper, we reviewed the general theme of the Federal Government of Nigeria (FGN) 2014 Budget vis-à-vis the sectoral allocations to assess if the figures in the budget support the government enunciation as...
Investigating the Effect of Government Ownership on Return on Asset and Economic Value Added in Listed Companies of Tehran Stock Exchange (TSE)
Formerly, government economy was preferred to non-government economy. However, due to the occurrence of problems such as excessive bureaucracy, poor management system, the lack of a proper assessment system and work mo...
Performance Evaluation of Collective Investment Schemes in Ghana
The performance of collective investment schemes (CISs) provides investors with an opportunity to know how well or otherwise CISs perform before choosing a CIS to invest in. Raw returns are usually reported by CIS mana...
The Extent of Competition and Its Impact on Bank Efficiency: Case of the Tunisian Commercial Banks
The increasing of banking competition has pushed worldwide banks to improve their resource allocations in order to become more competitive and efficient. The purpose of this article is to measure the level of banking c...